Ultratech Cement Q1 net up two per cent

Aditya Birla Group company Ultra Tech Cement today announced a net profit of Rs 265.01 crore for the first quarter ended June 30, a 2.17 per cent growth over the corresponding period last year.

The firm had a net profit of Rs 259.38 crore in the first quarter of fiscal 2008, Ultra Tech Cement said in a filing to the Bombay Stock Exchange.

The increase in imported coal prices from USD 78 per metric tonne to USD 179 year-on-year have resulted in variable costs going up by 19 per cent. The company’s performance in the first quarter has been further impacted by the export ban for six weeks and not passing on the increase in cement prices to the consumers.

"These factors collectively have put pressure on operating margins. Consequently the results of this quarter are lower compared to the previous two quarters," Ultra Tech said in the filing.

The total income rose to Rs 1522.58 crore in the latest quarter, from Rs 1384.69 crore in the corresponding period a year-ago.